As we dive into the fall season, the real estate market in Anne Arundel County continues to show resilience with slight shifts in inventory and pricing. Whether you’re a homebuyer or a seller, staying on top of market trends is essential for making informed decisions. Here’s your monthly update for October 2024:
Active Listings & Inventory Trends
Currently, 798 active listings are available in Anne Arundel County, representing a 3% decrease compared to this time last year. This slight drop in inventory suggests that the market is still competitive, especially for buyers.
Looking at the active inventory by year, we see a consistent trend where inventory levels peak around the summer months and gradually taper off in the fall. Compared to 2022 and 2023, inventory levels in 2024 have stayed relatively stable, giving both buyers and sellers a steady market to operate in.
Market Status Breakdown
The inventory is broken down as follows:
- 798 properties are currently active.
- 116 properties are in the Coming Soon status.
- 876 properties are under contract.
These figures indicate that a significant number of homes are moving off the market quickly, suggesting that demand remains high, and buyers are actively securing contracts.
Interest Rates & Mortgage Insights
Mortgage rates have seen a rise, with the current 30-year fixed mortgage rate sitting at 6.56%, an increase of 33 basis points over the last seven days. This uptick in rates can put pressure on monthly payments for prospective homebuyers. For example, at the current rate of 6.56%, the estimated monthly payment on a $500,000 loan is $3,680, which is higher than payments at lower rates seen earlier this year.
When comparing the mortgage rates to the 10-year treasury yield, we observe that the spread has increased, reflecting a 2.5-point difference. Historically, this spread averages 1.72, but economic factors such as inflation and Federal Reserve policy have led to this wider margin.
Median Sales Price & Home Values
The median sales price for homes sold in Anne Arundel County last month was $480,000, marking a slight 1.5% decrease compared to last year, where the median price was $487,450. However, as we look at the home values by year, the general trend for 2024 shows that home prices have remained relatively steady, with values slightly lower than the peak of previous years.
Days on Market (DOM)
The median days on market (DOM) for different property types is as follows:
- Detached homes: 9 days
- Townhomes: 5 days
- Condos: 10 days
These numbers suggest that properties are moving quickly, with townhomes being snapped up the fastest.
What Does This Mean for Buyers and Sellers?
For buyers, it’s important to be prepared for a competitive market. With limited inventory and rising mortgage rates, buyers should consider locking in their rates sooner rather than later to avoid higher monthly payments. Additionally, staying alert for new listings as they enter the “Coming Soon” status could provide a timely advantage.
For sellers, the relatively stable inventory levels paired with active demand provide a strong opportunity to list your home. With the median days on market hovering around 5-10 days, properties are moving fast, suggesting that well-priced homes in good condition are still attracting strong interest.
For more personalized advice or to explore listings in Anne Arundel County, feel free to reach out. Staying informed about these trends will help you make the best decisions, whether you’re looking to buy or sell in this evolving market.
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